The Colorado bookstore states the average textbook costs$75. A randomly selected
ID: 3129353 • Letter: T
Question
The Colorado bookstore states the average textbook costs$75. A randomly selected sample of 16 new textbooks at the Colorado bookstore had a mean price of $82.54and sample standard deviation of $15.50. Use a 0.05 significance level to test the claim that the mean price of textbooks at the Colorado bookstore is significantly more than $75 (use the p-value method).Show your work.
a. Give the symbolic null & alternativehypotheses.Use proper notation.H0: ______________________HA: ______________________
b. Determine the test statistic(round to 3 decimal places): __________________
c. Determine the p-value(round to 3 decimal places): __________________
d. Result (Circle one &justify):REJECT H0 or FAIL TO REJECT H0 Reason: _________________
e. State a conclusion within the context of the scenario:
Explanation / Answer
Ho : miu = 75
H1 : miu > 75
t = [82.54 - 75] / ( 15.50 / srqt 16 )
t = 1.946
p value 0.035
since p value is lower than alpha level we reject Ho
the mean proce of textbook is significantly more than $75
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